We want you to know that we are your friend in your time of need.
In fact, the ever-expanding trade ties between China and the European Union have brought us closer together. China is now the EU’s top trade partner, and vice versa. So a collapse of the eurozone would also hurt China’s interests. The International Monetary Fund has warned that a deepening EU debt crisis could slash China’s economic growth in half this year. So we are both in the same boat.
But that does not mean you should take China’s help lightly.
Yes, China has the money. Its stockpile of foreign currency, valued at nearly $3.2 trillion, is the world’s largest. Yet this has been amassed over three decades of trade and built up from razor-thin profits. We are at the low end of the global value chain and we have to sweat and toil for every penny we earn. China has to export more than 800 million shirts to buy one Airbus A380.
To be frank, some of us don’t understand why the rich are holding out their hands to the poor and asking for money. For common Chinese people, the wealth of your nations is unimaginable. The average monthly income of your citizens – at around $4,000 in countries such as Germany and Belgium – is 12 times that of the average Chinese citizen. The Chinese workers in the factories in coastal cities have to work 12 hours or longer each day with basically no days off, while workers in France enjoy two months of paid vacation, national holidays and regional festivals each year. If we can save 50 percent of our earnings, surely it should be possible for you to save just 1 percent of yours.
The cause of the crisis is simple: You have spent more than you earned. If we are injecting our hard-earned money into Greek, Irish, Portuguese or Italian government bonds, you should show the political resolve to clean up your own backyard. You have to stop bickering and dragging your feet over the urgently needed austerity measures. It is time to roll up your sleeves and get the job done.
via To the indebted nations of Europe|Op-Ed Contributors|chinadaily.com.cn.
